КРИПТОФІНАНСИ У ПУБЛІЧНОМУ СЕКТОРІ: ЄВРОПЕЙСЬКО-ТРАНСАТЛАНТИЧНІ ЦИФРОВІ ТРЕНДИ ТА РИЗИКИ ЦІНОВОЇ ВОЛАТИЛЬНОСТІ
DOI:
https://doi.org/10.32782/2786-8273/2026-14-17Ключові слова:
криптофінанси, публічний сектор, криптоактиви, блокчейн-технології, стейблкоїни, цифровізація, фінансові інструменти, цінові ризики, фінансова стабільність, ризико-орієнтоване регулювання, міжнародний ринок, європейсько-трансатлантичні цифрові трендиАнотація
У статті досліджено теоретико-методологічні та прикладні засади функціонування криптофінансів у публічному секторі в умовах європейсько-трансатлантичної цифрової трансформації. Концептуалізовано криптофінанси як сегмент цифрового фінансового простору, інтегрований у систему публічних фінансів. Проведено аналіз та ідентифіковано переваги, обмеження й ризики інтеграції криптофінансів у публічний сектор. Узагальнено європейсько-трансатлантичні регуляторні підходи та ідентифіковано вплив цінової волатильності, кіберзагроз і регуляторної невизначеності на фінансову стабільність. Обґрунтовано доцільність формування адаптивної ризико-орієнтованої моделі регулювання криптофінансів, що поєднує макропруденційний нагляд, фінансовий моніторинг, цифровий контроль транзакцій та міжнародну регуляторну координацію.
Посилання
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Ajayi-Nifise A. O., Falaiye T., Olubusola O., Daraojimba A. I., Mhlongo N. Z. (2024) Blockchain in US accounting: a review: assessing its transformative potential for enhancing transparency and integrity. Finance & Accounting Research Journal, vol. 6, no. 2, pp. 159–182. DOI: https://doi.org/10.51594/farj.v6i2.786 DOI: https://doi.org/10.51594/farj.v6i2.786
Alamsyah A., Muhammad I. F. (2024) Unraveling the crypto market: A journey into decentralized finance transaction network. Digital Business, vol. 4, article 100074. DOI: https://doi.org/10.1016/j.digbus.2024.100074 DOI: https://doi.org/10.1016/j.digbus.2024.100074
Allen H. J. (2020) Driverless finance. Harvard Business Law Review, vol. 10, pp. 158–206. Available at: https://digitalcommons.wcl.american.edu/facsch_lawrev/695/ (accessed August 4, 2026)
Aquilina M., Cornelli G., Frost J., Gambacorta L. (2025) Cryptocurrencies and decentralised finance: functions and financial stability implications. BIS Papers, no. 156. Bank for International Settlements. Available at: https://www.bis.org/publ/bppdf/bispap156.htm (accessed August 1, 2026)
Auer R., Farag M., Lewrick U., Orazem L., Zoss M. (2023) Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies. CESifo Working Paper, no. 10355. Available at: https://www.bis.org/publ/work1013.htm (accessed August 2, 2026) DOI: https://doi.org/10.2139/ssrn.4416784
Ballis A., Verousis T. (2022) Behavioural finance and cryptocurrencies. Research in International Business and Finance, vol. 63, article 101796. DOI: https://doi.org/10.2139/ssrn.4119562 DOI: https://doi.org/10.2139/ssrn.4119562
Bătușaru C.-M., Moro N. (2025) Blockchain and cryptocurrencies as emerging security threats: A bibliometric analysis of global concerns. Land Forces Academy Review, vol. 30, no. 2. DOI: https://doi.org/10.2478/raft-2025-0018 DOI: https://doi.org/10.2478/raft-2025-0018
Biais B., Capponi A., Cong L. W., Gaur V., Giesecke K. (2023) Advances in blockchain and crypto economics. Management Science, vol. 69, no. 11, pp. 6417–6426. DOI: https://doi.org/10.1287/mnsc.2023.intro.v69.n11 DOI: https://doi.org/10.1287/mnsc.2023.intro.v69.n11
Board of Governors of the Federal Reserve System (2022) Money and Payments: The U.S. Dollar in the Age of Digital Transformation. Washington, DC. Available at: https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm (accessed August 4, 2026)
Bustamante P., Cai M., Gomez M., Harris C., Krishnamurthy P. et al. (2022) Government by code? Blockchain applications to public sector governance. Frontiers in Blockchain, vol. 5, article 869665. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4156869 (accessed August 4, 2026) DOI: https://doi.org/10.3389/fbloc.2022.869665
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Financial Stability Board (2023) High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets. Final report. Available at: https://www.fsb.org/uploads/P170723-2.pdf (accessed August 4, 2026)
Judijanto L., Tubagus M., Hasibuan R., Mustajab D., Rosid A. (2024) Integration of blockchain technology in the financial system: Assessing its impact on efficiency, security, and stability of financial markets. International Journal of Economic Literature, vol. 2, no. 1, pp. 41–53.
Khatwani R., Mishra M., Bedarkar M., Nair K., Mistry J. (2023) Impact of blockchain on financial technology innovation in the BFSI sector. Journal of Statistics Applications & Probability, vol. 12, no. 1, pp. 181–189. DOI: https://doi.org/10.18576/jsap/120117
Kim K., Kauffman R. J. (2024) On the effects of information asymmetry in digital currency trading. Electronic Commerce Research and Applications, vol. 64, article 101366. Available at: https://www.sciencedirect.com/science/article/abs/pii/S1567422324000115 (accessed August 1, 2026) DOI: https://doi.org/10.1016/j.elerap.2024.101366
Krysovatyy A. I. (2025) Digital transformation models public finances in Ukraine. 2025 15th International Conference on Advanced Computer Information Technologies (ACIT), Sibenik, Croatia, pp. 251–254. DOI: https://doi.org/10.1109/ACIT65614.2025.11185901 DOI: https://doi.org/10.1109/ACIT65614.2025.11185901
Lopes D. C. F., Castro A. L., Russo L. X. (2024) Blockchain technology: Challenges and opportunities in public finance. Revista de Administração Mackenzie, vol. 25, no. 3. DOI: https://doi.org/10.1590/1678-6971/eramr240208 DOI: https://doi.org/10.1590/1678-6971/eramr240208
Mbonigaba C. (2025) The future of public sector budgeting: How digital transformation and blockchain are improving transparency and reducing corruption. Brainae Journal of Business, Sciences and Technology, vol. 9, no. 1, pp. 277–288. DOI: https://doi.org/10.2139/ssrn.5188103 DOI: https://doi.org/10.2139/ssrn.5188103
Orlando G. (2024) Exploring crypto & blockchain in finance: Present & future. SSRN Working Paper. DOI: https://doi.org/10.2139/ssrn.4787238 DOI: https://doi.org/10.2139/ssrn.4787238
Sadiq M., Aysan A. F., Kayani U. N. (2023) Digital currency and blockchain security in accelerating financial stability: A mediating role of credit supply. Borsa Istanbul Review, vol. 23, pp. 1251–1262. https://doi.org/10.1016/j.bir.2023.09.009 DOI: https://doi.org/10.1016/j.bir.2023.09.009
Senne A., Born A., Gati Z., Kochanska U., Lambert C., Reinhold E., Kraaij A. (2025) Just another crypto boom? Mind the blind spots. European Central Bank, Financial Stability Review, pp. 1–128. Available at: https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202505_01~62255f2625.en.html (accessed August 4, 2026)
Tan E., Mahula S., Crompvoets J. (2022) Blockchain governance in the public sector: A conceptual framework for public management. Government Information Quarterly, vol. 39, article 101625. DOI: 10.1016/j.giq.2021.101625 Available at: https://www.sciencedirect.com/science/article/pii/S0740624X21000617 (accessed August 2, 2026) DOI: https://doi.org/10.1016/j.giq.2021.101625
U.S. Department of the Treasury (2022) The Future of Money and Payments. Washington, DC. Available at: https://www.dwt.com/-/media/files/blogs/financial-services-law-advisor/2025/01/the-future-of-money-and-payments.pdf?rev=7446643dadb14612ab8cfe5a179ede56&hash=D072022D77002425811D0885295D81F0 (accessed August 4, 2026)
Wu H., Yao Q., Liu Z., Huang B., Zhuang Y. et al. (2024) Blockchain for finance: A survey. IET Blockchain, vol. 4, pp. 101–123. DOI: https://doi.org/10.1049/blc2.12067 DOI: https://doi.org/10.1049/blc2.12067
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